China's Real-estate Tycoons Gloomy About Property Market

Several Chinese real-estate tycoons have a dim view of the outlook for China's property markets next year, according to a report Tuesday by the Beijing News newspaper. "Don't cherish any hope about another boom for China's property markets," Wang Jianlin -- chairman of top Chinese commercical developer Dalian Wanda Group Co. -- reportedly warned recently at an annual industry meeting. "It's unrealistic to think there will be another upsurge of property prices in the second half of 2015 following the government's monetary-easing measures," he said, while adding that a "collapse" of property market is also impossible, given China's "mighty government." At the same meeting, Huayuan Property Co.'s former chairman Ren Zhiqiang also predicted that property investment may continue its slide through early 2015, as the nation's developers still struggle with "large inventories" and "financial strain." Several other magnates echoed his opinions."It's getting worse day by day," said Pan Shiyi, chairman of Soho China Ltd. , at a separate economic forum over the weekend. Soho China has been holding cash for about two years, as Pan can't see where the market will go in this "volatile period," he reportedly said. Feng Lun, chairman of Beijing Vantone Real Estate Co. , said at the second forum that China's local governments have become far less interested in attracting property investments to their cities. He said "to survive" is the current goal for China's real-estate developers.